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LIBOR Fines

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Several banks have been fined in this LIBOR situation and the RBS has been involved today according to the news. Can someone please tell me where all of this large amount of money that is exacted in fines goes?

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http://www.guardian.co.uk/business/2012/dec/17/rbs-negotiating-libor-fine-fsa

 

What makes me mad is that they get the opportunity to "negotiate" how much they will pay.

 

Get into finacial trouble with your credit card or overdraft with them and they end up taking everything you have ??


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http://www.moneymarketing.co.uk/politics/fsa-fines-since-april-set-to-go-to-treasury/1053941.article

 

This article dated July 2012 implies that monies will now go the Treasury. I think previously it went back into the coffers of the FSA to fund that organisation.


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Thank you for bringing me up-to-date on this matter. I am pleased that we, the taxpayers, will be getting the benefit by the UK deficit being reduced, however slightly.:-)

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I think the fines you mention relate to the period before the American authorities jumped in the matter and everybody started taking it seriously. The Libor scandal hasn't even started yet. This is going to be bigger than the PPI compensations. All major world banks are involved.

 

Wait until all US counties start filing cases against UK-based banks. This could be the end of the City as we know it.


"Ask not what your country can do for you, ask what you can do for Poundland"

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